|IRA/Traditional CD Options
|Annual Percentage Yield
|11-month CD (Traditional or IRA)
*Rates only available on the selected certificates when at least $10,000 of the opening deposit is new funds deposited at NWCU at the time of CD opening. Additional amounts over $10,000 can be funds existing at NWCU.
Truth in Savings Disclosures
1. Rate Information. The available Interest Rates and Annual Percentage Yields on the accounts are set forth above. The Annual Percentage Yield is a percentage rate that reflects the total amount of interest to be paid on an account based on the Interest Rate and frequency of compounding for an annual period. The Interest Rate and Annual Percentage Yield are fixed and will be in effect for the term of the Account. The Annual Percentage Yield is based on an assumption that interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings. Rates are accurate as of 2/8/2023 and may change at any time.
2. Balance Information. The minimum balance is set forth above. Interest is calculated by the daily balance method that applies a daily periodic rate to the principal in the account each day
3. Accrual of Interest. Interest begins to accrue on cash and noncash (i.e. checks) deposits on the business day you make the deposit to your account. Fees may reduce earnings.
Transaction Limitations. For Certificate accounts, after your account is opened, you may not make additional deposits or withdrawals to your account, except during the grace period when the account is renewed for an additional term. At account opening, you may elect to have accrued interest transferred to another account of yours.
4. Transaction Limitations. For Certificate accounts, after your account is opened, you may not make additional deposits or withdrawals to your account, except during the grace period when the account is renewed for an additional term. At account opening, you may elect to have accrued interest transferred to another account of yours
5. Maturity. Your account will mature within the term set forth above or maturity date set forth on your Account Receipt or Renewal Notice.
6. Early Withdrawal Penalty. Early Withdrawal Penalty. We may impose a penalty if you withdraw any of the principal before the maturity date.
a. Amount of Penalty. The amount of the early withdrawal penalty is based on the term of your account as follows: terms of 90 days to 11 months - 90 days, terms of 12 months and over - 180 days.
b. How the Penalty Works. The penalty is calculated as a forfeiture of part of the Interest that has been or would be earned on the account. It applies whether or not the interest has been earned. In other words, if the account has not yet earned enough interest or if the interest has already been paid, the penalty will be deducted from the principal.
c. Exceptions to Early Withdrawal Penalties: At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances:
- When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.
- Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment.
- Traditional and Inherited IRA CD owners who have an IRS mandated Required Minimum Distribution (RMD) would be allowed an annual penalty free withdrawal to satisfy the RMD for funds held only at Northwest Community Credit Union. Any amount exceeding the Northwest Community Credit Union RMD calculation based on funds at Northwest Community Credit Union would be subject to the credit union’s early withdrawal penalty.
7. Renewal Policy.
11-Month CD: Your account will automatically renew for a 12 month term upon maturity at the prevailing rate. You will receive a notice from the credit union 30 days prior to your certificate’s maturity. You will have a seven (7) day grace period after maturity to withdraw funds without being charged an early withdrawal penalty.
8. Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.
9. Federally insured by NCUA.